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Jan 9, 2013 4:30pm EST
and dan make a couple of those babies and the treasury can pay its bills debt ceiling raised or not. why is this getting any traction i'm sorry this has sounds crazy to me. because the whole debt ceiling debate is crazy basically you know you have the government's balance sheet which has liabilities that are either in bonds or more and some other form and what we're saying in terms of the debt ceiling is that when the government is liabilities in this particular form that is bonds that circulate in the public we don't like that and therefore we're going to hold that constant what the platinum coin does is it shows that this is just a you know it's a it's a false narrative it's sort of an artificial constraint in order to keep government from spending too much money but isn't that going straight i mean if you're going to have one person that agrees with you as a former fed official and economist joseph gagnon i've actually interviewed him before he was quoted in washington post saying i like it there is nothing that's obviously economically problematic about it talking about this tri
Jan 9, 2013 6:30pm EST
rapidly running out of cash. the federal government has already hit the debt ceiling. and the only way the government can pay its bills is by using accounting gimmicks to move money around. those tricks will only get the government through mid-february. at that point lew might have to take the unprecedented step of deciding he has the legal authority to pick and choose which bills the feds will pay. >> even if it were clear that the treasury secretary could do that, pick and choose, the ability, the real ability to reprogram all of the software in treasury's computers which connect to all of the computer software in the various agencies is not something that can be done in ten minutes or ten days or ten weeks. so you have the right to do it, but you don't have the ability to do it. >> reporter: the treasury uses a separate computer system to make interest payments on the federal debt so it is possible investors would get what they are owed. but what happens with social security, medicare and federal employee pay, is less clear. so secretary lew would have to make a decision. he could recommend the president continue busi
FOX Business
Jan 9, 2013 12:00am EST
flirt with the debt ceiling at all. to run up against the debt ceiling is to effectively send a default signal to the rest of the world. there is lot of talk you could pay some bills and not others but in effect you could pay interest and social security and things like that, but you couldn't pay the troops. you couldn't pay for roads, bridges, basic research, education. simply nothing to flirt with. you would either scare the international community to death or deprive people of basic services. we should have an agreement. that we shouldn't do anything but raise the debt ceiling. we should have an agreement we should fix the spending problem. what we don't have agreement is how. they ought to get start on that right away. melissa: speaking how to do that, evan, you're someone in the trenches so many times and got frustrated with the process. what do you think of what's going on right now? >> i don't think much about it, melissa. shows the deep political dysfunction we have at the heart of congress right now or at the heart of our political system. my best guess what's going to happen i think both of our other guests are exactly right. at a time when the economy is we
Jan 9, 2013 3:00am PST
ceiling and their desire to get their way on the budget. the reason why is that there is -- it's -- the debt ceiling is not about authrising spending. it's about paying bills. to the extent they want to send us over the cliff, last time they did it, we had our first credit downgrade. it's going to cost us $90,000,000,000 interest payments. we do it again, credit downgrade and the president is not going to play the game. they send us into default. the power to do that is the power to destroy. the power, they have the restraint not to. if we increase the cost of debt service for taxpayers 1%, that's a $1 trillion additional expense over 10 years. this is just not to rabble. >> i know the people of vermont that are listen this morning watching in on current tv should be very very proud. congressman welch, you are tryingdor something about it. one thing, you have entered into two resolutions. one that would get -- they would cut the strings that the republicans want to attach to the debt ceiling. what's the other thing you are working ol to make sure this doesn't happen again? >> it's a reimplementation. this was elimination of hypocracy. what it would say is that
Jan 9, 2013 5:00pm EST
average folks out there that needs to be. raising the debt ceiling is authorizing congress to pay the bills it has racked up. this is not about future spending. this is about you going to the store and charging some goods on your credit card. you pay the bill. the byner states has always paid its bills. congress has the responsibility and authority to do that. the president will not negotiate over it. let me go to reuters. jack lew was [inaudible] he worked for a group [inaudible] what that not raise flags for any treasury secretary? >> you are trying get me to about an announcement the president has not made. i will leave it to the president to announce his next treasury secretary. his record has and continues to be stellar. he is that rare person in washington has been here for years, who has done some very hard things and brokered some serious bipartisan agreements and then it in a way that has earned the admiration of almost everyone he has worked with. the presidents he observed. >> -- he has worked with. >> the president is meeting with the national rifle association later this week. the
Jan 9, 2013 12:00pm EST
this a lot more mysterious for average folks out there than it used to be. raising the debt ceiling is simply authorizing congress to pay the bills that it's already racked up. this isn't about future spending. this is about you going to the store, the department store, and charging some goods on your credit card. you've made those purchases. the bill comes. you pay the bills. you don't tear it up and decide you're not going to pay it unless you get what you want from store management. you pay your bills. and the united states has always paid its bills. congress has the responsibility and the authority to do that, and the president will not negotiate over it. let me go to -- >> -- treasury secretary when jack lew was head of omb, department of energy, solyndra he worked for a group that could profit based on [inaudible] wide it wouldn't those raise red flags for any treasury secretary? >> you are trying in a way to get me to talk about an announcement president has not made, and i will leave it to the president to announce who his next treasury secretary will be. i will certainly say, and would have said this at any time of my tenure
FOX Business
Jan 9, 2013 11:00am EST
president cited decided a major budget fis with republicans on the debt ceiling and recently somewhat perverted fiscal cliff, also budget director under president bill clinton and obama known as someone with a very deep knowledge of budgeting. before joining the obama administration, he was a chief f operating officer at the citigroup alternative investments unit reported lost money to do that, although it earned profits from betting against the subprime mortgage market and will be if the fed to confirm him in one predicts very contentious process. >> it is a bumpy confirmation process. many people have no secure treasury will tell them the truth both of financial conditions of this country and lay out a plan that can be analyzed and studied it will hold up under scrutiny. they haven't done that from the white house yet. he has had a failure to lead. speaking of the republican complaint, difficult to work with during 2011 debt ceiling debate, probably a plus for the president. i do. cheryl: probably why he did that. thank you. dennis: a billion smart phones can be sold this year, live at the consumer electronics show coming up with a ceo whose company will
Jan 9, 2013 7:00am EST
congress voted for to raise the debt ceiling. host: we will get a response. chris chocola. the club for growth -- guest: we do not support many of the tax loopholes that the corporations enjoy. we think the government should not write into the tax code winners and losers. we wanted to get rid of the ethanol credit. as far as corporate tax rates, there is an argument that corporates do not pay taxes, consumers do. they pay the embedded cost of the tax. we compete in a global economy. you have to compete with other countries and the total cost of doing business in those countries. it is not an ideological thing. it is a competitiveness and math thing. how do u.s. corporations compete in the global market? there is more wealth created in america, and that is a good thing. pat toomey was president of the globe for -- of the club for growth. pat toomey is a great american. we're very proud of his service in the u.s. senate. we think he will provide some leadership as we go into these tough debates and the sequester, which has been kicked down the road again, and the debt ceiling. we think pa
Jan 9, 2013 7:00am PST
its heels for debate over the debt ceiling. >> it is congress' responsibility to ensure that the bills congress racked up are paid. >> reporter: just one of several looming showdowns as the president prepares to kick off his second term. >> what you're seeing is a more aggressive barack obama, someone who is looking more at polishing what his place in history will be, the mark he wants to leave on the country in the next four years. and that, in some ways, means a more contentious relationship with congress. >> reporter: and some serious people, matt, are floating an idea to try to avoid that debt ceiling crisis, proposing that the treasury department mint a platinum trillion dollar coin. you would put that coin away in the federal reserve and then if necessary, you would spend it to help pay off the money that the u.s. owes. if that did happen, an idea some would call ridridiculous, you wd hate to be the person to put that coin in the million dollar meter. >> not a good thing, peter. thank you. >>> new jersey governor chris christie made some headlines recently when he called out gop republica
Jan 9, 2013 3:00pm EST
lew as treasury secretary may mean to the debt ceiling fight. we'll previau bank earnings which are about to kick o.those more than anything else could drive the markets in the coming weeks and aig will not join in former chief hank greenberg's lawsuit against the same u.s. taxpayers that bailed the company out. aig ceo bob benmoschy will be here. >> first take a look at the markets. what we're seeing is we have the markets higher though it's well off the highs. up 90 points on the dow industrials and we're up 34 points on the dow jones industrial average, 13,363 and the last trade on nasdaq has given up some of the oomph of earlier and the standard & poor's 500 has a similar chart pattern with a gain on the session of just 1.5 point, eking out positive territory. gentlemen, good to see you. thanks so much for spending the time. >> hi, maria. how are you? >> let's talk about this market because you certainly have a fair amount of issues that could seem troubling, and yet we continue to see money finding a home in equities. what do you think is behind that? >> if you look over the la
Jan 9, 2013 9:00am PST
ceiling and is only about two months before it must raise the borrowing limit or risk a default on the bills. what should the country do. ben stein joins us next with his answers and a weigh in on president obama's pick. rises hi. morning starts in high spirits, but there's a growing pain in his lower back. as lines grow longer, his pain continues to linger. but after a long day of helping others, he gets some helpful advice. just two aleve have the strength to keep back pain away all day. today, jason chose aleve. just two pills for all day pain relief. try aleve d for strong, all day long sinus and headache relief. >>> the 112th congress was the least productive congress ever. they fought about everything, the campaign, the fiscal cliff, you name it and now the 113th congress is drawing battle lines over president obama's cabinet picks. the grid lock seems endless. no stranger to this ben stein. he was a speech writer and lawyer for president richard nixon. he is a comedian and has his own game show. the list goes on and on. ben, first of all, comedian is the most important hat you wear when we
Jan 9, 2013 2:00pm PST
to be divided on the debt ceiling. you've got guys like mcconnell and boehner say -- >> you may be right. the restoration of the old northwest republican party under the leadership of chris christie. somebody's got to bring it back which you're part of. you don't act like it sometimes. you're going to be one of them. wouldn't you like to be press secretary to chris christie of the united states? what a job. >>> what's wrong with this picture? here's what a gathering of president obama's top cabinet officials and aides might look like. a lot of people are looking at this saying where are the women and minorities? the group that put the president back in the white house. >>> also could the answer to the gop's problems be found somewhere in the swamps of jersey? sounds like the colonial wars. that's a bruce springsteen reference. now one of the biggest fans is chris christie. he may be what they need to break out of their super religious people. here's my question. how does a pragmatist like christie get through a tea party driven primary season. >>> christie wants to save the party f
Jan 9, 2013 2:00pm EST
president obama. he was a key player during the 2011 debt ceiling talks that almost shut down the government. going to have his work cut out for him. democrats and republicans on capitol hill gear up for that battle over extending the debt ceiling with the global embarrassment that serves as economic policy debate in washington these days. i have a hunch tim gheit neeith won't miss taking part in another one of those showdowns. >>> aig made the right decision, the decision not to join a crabby shareholder lawsuit against the u.s. government. probably heard by now about the lawsuit, led by former aig ceo maurice hank greenberg. it claims the terms of the $182 billion government bailout which saved the company possibly planet earth as well from financial meltdown were too harsh. the lawsuit was looking for $25 billion. pretty outrageous. but the board did have a responsibility to take a look at the lawsuit and decide whether or not to join it. the company's board met today and made the right decision. the case will go forward, however. aig won't be a party to it. the government has divested it
Search Results 0 to 14 of about 15 (some duplicates have been removed)